[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1190 Considered and Passed Senate (CPS)]







107th CONGRESS
  1st Session
                                S. 1190

  To amend the Internal Revenue Code of 1986 to rename the education 
   individual retirement accounts as the Coverdell education savings 
                               accounts.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 18, 2001

 Mr. Lott (for himself and Mr. Daschle) introduced the following bill; 
   which was read twice, considered, read the third time, and passed

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to rename the education 
   individual retirement accounts as the Coverdell education savings 
                               accounts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. RENAMING EDUCATION INDIVIDUAL RETIREMENT ACCOUNTS AS 
              COVERDELL EDUCATION SAVINGS ACCOUNTS.

    (a) In General.--
            (1) Section 530 of the Internal Revenue Code of 1986 is 
        amended by striking ``an education individual retirement 
        account'' each place it appears and inserting ``a Coverdell 
        education savings account''.
            (2) Section 530(a) of such Code is amended--
                    (A) by striking ``An education individual 
                retirement account'' and inserting ``A Coverdell 
                education savings account'', and
                    (B) by striking ``the education individual 
                retirement account'' and inserting ``the Coverdell 
                education savings account''.
            (3) Section 530(b)(1) of such Code is amended--
                    (A) by striking ``education individual retirement 
                account'' in the text and inserting ``Coverdell 
                education savings account'', and
                    (B) by striking ``Education individual retirement 
                account'' in the heading and inserting ``Coverdell 
                education savings account''.
            (4) Sections 530(d)(5) and 530(e) of such Code are amended 
        by striking ``education individual retirement account'' each 
        place it appears and inserting ``Coverdell education savings 
        account''.
            (5) The heading for section 530 of such Code is amended to 
        read as follows:

``SEC. 530. COVERDELL EDUCATION SAVINGS ACCOUNTS.''.

            (6) The item in the table of contents for part VII of 
        subchapter F of chapter 1 of such Code relating to section 530 
        is amended to read as follows:

                              ``Sec. 530. Coverdell education savings 
                                        accounts.''.
    (b) Conforming Amendments.--
            (1) The following provisions of the Internal Revenue Code 
        of 1986 are amended by striking ``an education individual 
        retirement'' each place it appears and inserting ``a Coverdell 
        education savings'':
                    (A) Section 72(e)(9).
                    (B) Section 135(c)(2)(C).
                    (C) Section 4973(a).
                    (D) Subsections (c) and (e) of section 4975.
            (2) The following provisions of such Code are amended by 
        striking ``education individual retirement'' each place it 
        appears in the text and inserting ``Coverdell education 
        savings'':
                    (A) Section 26(b)(2)(E).
                    (B) Section 4973(e).
                    (C) Section 6693(a)(2)(D).
            (3) The headings for the following provisions of such Code 
        are amended by striking ``education individual retirement'' 
        each place it appears and inserting ``coverdell education 
        savings''.
                    (A) Section 72(e)(9).
                    (B) Section 135(c)(2)(C).
                    (C) Section 529(c)(3)(B)(vi).
                    (D) Section 4975(c)(5).
            (4) The heading for section 4973(e) of such Code is amended 
        by striking ``Education Individual Retirement'' and inserting 
        ``Coverdell Education Savings''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
                                 <all>